HONG KONG: Asian markets mostly advanced Wednesday after the benchmark S&P 500 closed at another record high following a report that the US economy grew at an unexpectedly strong 4.3 per cent annual rate in July to September.
The US government's first estimate of growth for the third quarter showed inflation remained high, while a separate report said consumer confidence faded further in December. The US economy expanded at a 3.8 per cent annual pace in April-June.
Trading in Asia was thin, with many global markets due to be closed on Thursday for Christmas. Markets in the US will end early on Wednesday for Christmas Eve and stay closed for Christmas.
Tokyo's Nikkei 225 was unchanged at 50,411.10, and South Korea's Kospi slipped 0.1 per cent to 4,113.83.
In Chinese markets, Hong Kong's Hang Seng gained 0.2 per cent to 25,818.93. The Shanghai Composite index edged 0.2 per cent higher, to 3,929.25.
In Australia, the S&P/ASX 20 slipped nearly 0.4 per cent to 8,762.70.
Markets in Hong Kong and Australia closed early due to Christmas Eve.
Taiwan's Taiex picked up less than 0.1 per cent, while the Sensex in India gained 0.1 per cent.
Gold and silver extended their rally after hitting record highs this week, driven by heightened geopolitical tensions. The price of gold rose 0.4 per cent early Wednesday to USD 4,525.50 per ounce, adding to gains of about 70 per cent for the year. Silver rose 1.8 per cent.
US futures edged lower early Wednesday.
On Wednesday, the Labour Department will release its weekly data on applications for jobless benefits, which stands as a proxy for US layoffs.
Investors are betting the Fed will hold steady on interest rates at its January meeting. Recent reports show high inflation and shaky confidence among consumers worried about high prices. The labour market has been slowing, and retail sales have weakened.
In other dealings early Wednesday, the dollar continued to fall against the Japanese yen, after officials said they could intervene with excessive moves in the yen. The dollar was trading on Wednesday at 155.96 yen, down from 156.17 yen.
The euro slipped to USD 1.1793 from USD 1.1796.
Oil prices edged higher as traders kept an eye on risks of supply disruptions in Venezuela and Russia.
US benchmark crude oil added 7 cents to USD 58.45 per barrel. Brent crude edged 3 cents higher, to USD 61.90 per barrel.